When it comes to buying a new car, one may fall into an extremely tough dilemma, especially when it’s a choice between a new economy and an old luxury. Whether this or that, the decision solely lies on the mindset as well as the desires one has to fulfill. While some may consider buying an old and used luxury car to create a sense of pride, others might stick with buying a new economy one to satisfy their dyed-in-the-wool consent of getting assured safety. This is because, at times, you get an old luxury car for the same price that it would cost you to get a new economy car.
A new economy car does not give you the opulent feeling and pride that a luxury car can provide you even if used. Usually, a new car’s value depreciates almost about 30 percent once a title is issued and a plate is screwed on the car’s back or front. Also, the used cars cost lesser than the newer ones, so it is a plus when thinking from the buying aspect.
There a certain disadvantages of buying a new economy car. When buying a new car, you pay a lot upfront, and the value of the car starts depreciating as soon as you drive it off the lot. This means you pay a lot, and as soon as it starts running on the road, the price starts to get off the road.
Although there are disadvantages of buying a used car as well, it is still more likely to pay back for the maintenance and repairs. Also, a used car can be bought for a much less amount than a new car, and thus, it is relatively easier to save up for a used car than for a new car.
Thus, opting to buy a used car can help you in becoming able to save up more, and you also end up buying a premium model on the same budget. It is a crucial decision that one should ponder before finalizing. This decision can help you put what you need and what you want on a single line. It is essential to know a few major aspects such as the budget, the kind and model of the car you wish to buy, and other factors like the make, the model, and color of the car. You will also need to decide whether you wish to pay the full down payment at once or take up a car loan.
Besides all the positive aspects of getting a used luxury car, it is important to note down the various disadvantages of a used car:
- Reliability – The pre-used cars generally offer lower reliability, and thus, you might have to spend more on the maintenance and the repairs, especially if these costs are not getting covered by the warranty.
- Private-party Purchase – Unless there is a warranty of either the manufacturer or the person or company selling you the car, one could miss out on protecting against the various mechanical and electrical faults.
- Limited Choices – If you are buying a new car, you might have more diverse choices than buying a used car. The various choices you get to have in terms of a new car can be – the make, model, features, and accessories.